Nvidia board members cashed out their shares in the technology company in recent weeks. GT
Board members at Nvidia — the AI company that no one can stop talking about and that is at the forefront of technological development — are reaping the benefits of the company's stock surge. The company's shares were trading at $887 today, up 26.5% this month alone.
Four insiders sold their holdings through multiple transactions in the past four weeks, SEC filings show. They join a growing list of executives who have unloaded billions in company stock in recent months. JPMorgan Chase CEO Jamie Dimon recorded his first-ever stock sale last month worth $150 million, while Amazon founder Jeff Bezos sold $8.5 billion of Amazon stock. Meta Platforms founder Mark Zuckerberg sold for $1.2 billion, and private equity founder Leon Black made his first-ever sale for $172.8 million.
On Nvidia's board of directors, Tench Coxe, former managing director at venture capital investment firm Sutter Hill Ventures, Sold $170 million worth of company stock in three transactions yesterday. As a director, Cox receives $255,000 in restricted stock annually and $85,000 in cash. Cox has been a member of Nvidia's board of directors since 1993.
Likewise, Board Member Mark Stevens It was discharged 12,000 shares worth $10.2 million were traded this week, after a loss of 15,000 shares last month, worth about $12 million. Stevens is a managing partner at private family office investment firm S-Cubed Capital and was previously a partner at venture capital investment firm Sequoia Capital. Stevens was a director from 1993 to 2006 and returned to the board in 2008. Stevens previously sold 36,000 shares in January when the stock price was about $546 for about $19.7 million.
Another board member, Mark Perry, Sold 15,000 shares for about $11.9 million on February 23, just two days after the company announced its earnings on February 21. Perry has been a director for nearly a decade and is a consultant to nonprofit organizations and the former CEO of the biopharmaceutical company Aerovance.
Harvey Jones, a longtime director who also joined the board in 2003, has split part of his stake in the company for about $53 million. Jones is managing partner of Square Wave Ventures.
Despite their sales, Cox, Jones, Stevens and Perry still have significant stakes in the AI chip developer. Cox owns about 4.1 million shares, Jones owns nearly 1 million shares, Perry owns 152,000 shares, and Stevens owns 4.4 million shares. CEO Jensen Huang owns about 86 million shares in the company, or a 3.5% stake.
Meanwhile, Amazon CEO Andrew Jassy sold 50,000 Amazon shares this week for about $9 million. It was sold as part of a pre-prepared trading plan.
